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Worst Asian Default Forgiven as Indonesia Billionaire Sells Debt

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Foreign investors have either forgiven or forgotten the events that involved the billionaire Widjaja family in Asia’s worst corporate default.

Companies backed by 91-year-old Eka Tjipta Widjaja, Indonesia’s fourth-richest person, received orders twice the size of two bond issues last week at yields below the average of Asian junk-rated peers. Developer PT Bumi Serpong Damai raised $225 million from a debut sale of U.S. dollar notes. Golden Agri-Resources Ltd., the world’s second-largest palm-oil producer, issued S$125 million ($94 million) in its third sale in a year. The family is also preparing a bid for an Indonesian coal producer in the midst of a dollar-debt restructuring.